Bajaj and TVS drive India’s two-wheeler export rebound
India’s two-wheeler exports rose nearly 37% year on year to 1.5 million units in the June quarter, led by Bajaj Auto and TVS Motor. Bajaj exported 636,005 units—above its domestic sales—while TVS posted record international volumes of 419,737 units.
What happened
India’s two-wheeler exports rebounded sharply, led by Bajaj Auto and TVS Motor. Bajaj’s quarterly exports surpassed domestic sales for the first time since Q1
Key facts
- Bajaj Auto exported 636,005 two-wheelers in the June quarter
- Bajaj Auto domestic sales were 586,547 units, up 11%
- TVS Motor international sales reached 419,737 units, up 66% year-on-year
- TVS domestic sales rose 25% to 1.14 million units
- Industry two-wheeler exports rose nearly 37% to 1.5 million units from 1.1 million
- Bajaj and TVS accounted for nearly two-thirds of exports
- Bajaj expects monthly exports to exceed 250,000 units
Why this matters
The export surge raises the strategic value of acquisitions, distribution partnerships, and localized assembly capacity in high-growth international two-wheeler markets.
What to watch
- Sustained industry export growth above 20% year on year for the next two quarters.
- Bajaj export volumes continuing to exceed domestic sales.
- TVS maintaining record international volumes above 400,000 units per quarter.
- Expansion of dealer networks or local assembly in Nigeria, Kenya, Bangladesh, Nepal, Latin America and ASEAN markets.
- Destination-market currency depreciation, higher import duties, dollar-funding stress or freight-cost spikes.
- A meaningful increase in export realizations or company guidance for international revenue share.
- Track quarterly export volume growth versus domestic sales growth at Bajaj Auto and TVS Motor.
- Watch whether companies add overseas assembly, CKD operations, warehouses or dealer-finance programs in Africa and Latin America.
- Monitor export realization, EBITDA margin and spare-parts revenue for evidence that volume growth is becoming profit-accretive.
- Assess competitive responses from Hero MotoCorp, Royal Enfield, Chinese OEMs and local assemblers in key export markets.
- Watch for export-focused model launches, especially entry motorcycles, premium commuter bikes and electric two-wheelers.